Primergy Solar LLC has successfully secured $300 million in debt finance and tax equity investment for its Prairie Mist Solar Project in Ashley County, Arkansas. The financing, comprising a tax equity bridge loan, construction/term debt, and a letter of credit facility, is led by a syndicate including Norddeutsche Landesbank Girozentrale, Société Générale, Crédit Agricole Corporate and Investment Bank, and SMBC. The tax equity investment is led by an affiliate of The PNC Financial Services Group, Inc.
Financial Support and Commitment
The debt and tax equity investment reflect the confidence of financiers in the Prairie Mist project’s success. Nord/LB, one of the coordinating lead arrangers, expressed commitment to supporting renewable energy projects in the U.S., emphasizing its dedication to advancing the energy transition.
Operational Outlook
Primergy’s CEO, Ty Daul, highlighted the company’s commitment to developing top-tier carbon-free energy projects. The Prairie Mist Solar Project, currently under construction, will be connected to Entergy’s transmission system in the Midcontinent Independent System Operator’s operating footprint. Upon completion in 2024, it is expected to power around 22,000 homes annually, diversifying Arkansas’s energy mix, which currently heavily relies on coal, gas, and oil.
Local Impact and Benefits
In addition to contributing to clean energy, the Prairie Mist project is set to create 100 local jobs and generate an estimated $10 million in tax benefits for Ashley County. This development aligns with Primergy’s broader mission to create sustainable and impactful energy solutions across the United States.
Source: businesswire.com
